Why New Year’s Eve hotels cost 300% more for late bookers
What is panic pricing? And how does that affect people making New Year’s Eve hotel bookings?
- Last-minute hotel bookings for New Year's Eve lead to significant global price increases, a phenomenon dubbed 'panic pricing'.
- Data indicates that average prices for a three-night stay around New Year's can surge by over 200 per cent in major cities, such as New York (218 per cent) and Edinburgh (316 per cent).
- To avoid these inflated costs, travellers are advised to book their New Year's Eve accommodation a full year in advance.
- Booking three to six months ahead can also secure substantial savings, as hotel groups typically open their room inventory early at regular default rates.
- The optimal period for securing major holiday travel savings generally concludes around Halloween (31 October), with prices tending to rise thereafter.